Slowing Chinese growth is hitting the U.S.'s Appalachian coal mines and towns hard, with the...
Slowing Chinese growth is hitting the U.S.'s Appalachian coal mines and towns hard, with the slumping steel industry in China needing far less of Appalachia's high-grade metallurgical coal. The result is that a ton of thermal coal sells for $52 vs. $65-$75 to produce it. The affected companies include Patriot Coal (PCXCQ.PK), which filed for Chapter 11 in July, Alpha Natural Resources (ANR), Consol (CNX) and Arch Coal (ACI).
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